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G19, Compensation Disclosure and what it means to you

 In 2005, the Canadian Life and Health Insurance Association (CLHIA) published a reference document called the Advisor Disclosure. It outlines the disclosure guidelines regarding an advisor’s involvement in a sales transaction. Fast forward to early 2018, the (CLHIA) embarked on its largest ever outreach to the advisor community to start a dialogue on Guideline G19, Compensation Disclosure in Group Benefits and Group Retirement Services. This will let the industry set its own standards (self-regulate) avoiding regulation that may not be agreeable.

Since that time, the CLHIA working group has been meeting with advisors and gathering valuable feedback on ways to present the Compensation Disclosure in a fair way for all stakeholders.

Our next steps
We recognize the implementation of this guideline may mean changes for the way you do business, and we will do what we can to support you through this. We’ll keep you informed here as new resources are added. We’re here if you have questions. Speak with your Manulife representative.

What’s YOUR VALUE and why you need to talk about it?

Business growth comes with a combination of business acumen and relationship strength. You need to have and build both to be successful. How does one articulate the value that they bring to the business?

The VALUE framework is to help you strengthen your relationship with your clients. With Compensation Disclosure, it is fundamentally important that clients understand the value you bring. And a relationship built on value lays a strong foundation for long-term client relationship.

More information will follow, please be sure to check this site often.

Important dates you need to know about

Scheduled for adoption
Product
Disclosure required
January 1, 2019
GRS
New sales: Direct compensation
January 1, 2020
GRS
In force: tracking starts Jan. 1, 2019; reporting Jan. 1, 2020
January 1, 2020
GB
New sales: Direct compensation
January 1, 2021
GB
In force: tracking starts Jan. 1, 2020
These dates are subject to change.


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